The Terms used in this Agreement with their initial letters capitalized have the meanings ascribed to them in this section or where they are elsewhere defined in this Agreement. Any term defined in the singular will have the corresponding definition in the plural (and vice versa).
“Savings Service” means the service offered by AAX where allocated by Users to an Savings account may earn Savings Rewards.
“Savings Rewards” means rewards in distributed by AAX to You for allocating cryptocurrency to Savings Account.
“AAX Platform” means our website(s), our application(s), our application programming interfaces (“APIs”), our notifications and any information or content appearing therein for providing services on the AAX Platform.
“AAX Vault” means the sub account on AAX where the fund is stored for the purpose of crypto management. It is different from another sub account on AAX where the fund is stored for trading on AAX spot or futures market.
“AAX Wallet” means a software application (or other mechanism) on the AAX Platform that provides a means for holding, storing and transferring digital asset, including users address, and digital asset balance.
“Digital Assets” means cryptocurrencies, virtual currencies, virtual commodities, digital assets or digital payment tokens traded on the AAX Platform that is a cryptographically-secured digital representation of value that is used or intended to be used as a medium of exchange.
“Whitepaper” means a document prepared by the Company to inform and encourage participation in Public Offer of AAX Tokens.
In order to use and access the Savings service, you are required to hold cryptocurrency in your AAX Wallet and AAX Vault subaccount. You represent that whether on Your behalf or on behalf of a legal entity, that You have authority to allocate cryptocurrency to your Savings Accounts and to use Savings Service.
To use Savings Service, you are required to ‘opt-in’ by opening an Savings Account and transfer your cryptocurrency to your Savings Account from your AAX Walle.
Once you allocate cryptocurrency to Savings service, AAX shall distribute to you the applicable Savings Rewards as a percentage of your allocated, per minute to your AAX Vault.
Your allocated cryptocurrency in your Savings Account shall be locked for trading and you shall not be able to place orders in relation to cryptocurrency or transfer or withdraw the cryptocurrency until you de-allocating cryptocurrency back to AAX trading account. You can opt-out of Savings at any time by transferring the allocated cryptocurrency back to your trading account. You shall not earn any Rewards for other cryptocurrency in your AAX Wallet that is not allocated to your Savings Account.
The percentage of Rewards shall be calculated at xx% annualized return with adjustment according to the market and shall be distributed daily to your AAX Vault. Such applicable percentage shall be determined by AAX at its sole discretion and may change at any time in AAX sole discretion and is not guaranteed.
The Savings Service will be operated in a diligent and professional manner and in accordance with applicable industry standards and reasonable security safeguards to protect the integrity and availability of the Savings Service. While AAX employs measures to ensure that the Savings Services are accessible 24 hours a day and 7 days a week, AAX cannot guarantee uninterrupted or error-free operation of the Savings Service. In the event of such disruptions beyond AAX control, any allocated cryptocurrency may not generate the Savings Rewards and AAX shall not be liable for such amounts.
You shall be responsible for payment of all taxes, fees and surcharges, however designated, imposed on or based upon the use of the Savings Services. AAX shall not provide any advice or guidance with respect to your tax obligations in the jurisdiction related to your residence. You are strongly encouraged to seek advice from your own tax advisor to discuss the potential tax consequences of entering into this Agreement and the receipt of any Savings Rewards.
All right, title, and interest in and to the AAX Platform and the Website, including all modifications, improvements, adaptations, enhancements, or translations made thereto, and all proprietary rights therein, shall be and remain AAX sole and exclusive property.
AAX shall not be liable for any delays or failures in relation to Savings Service including distribution of Rewards resulting from acts beyond its reasonable control including, without limitation, acts of God, acts of war or terrorism, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, cyber sabotage, labour difficulties or civil unrest (collectively the “Force Majeure Event”).